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The 5 Phases of Building Your Cash Machine

by: Loral Langemeier

A cash machine is simply a small business that will get you on your fastest path to cash by “turning what you know into dough.” In other words, use your current skill set to create a small business fast. There’s no learning curve, no need for a business plan, and no need for startup capital.

In my new book, Put More Cash In Your Pocket, I share with you how to get your cash machine up and running fast and start putting $500 to $1,000 (and more) in your pocket every month on a continual basis.

Here’s a quick primer with tips to get you started…Phase One: The PlanDon’t get stuck in “analysis paralysis.” Don’t make it hard! Make a list of your current skills and interests. Which of those can you turn into a marketable product or service?

Someone is already doing whatever it is you come up with, or something close to it. Google it! Is it a viable idea? If so, do your research. Find the who, what, when, where, why and HOW it’s being done. There’s your plan.

Phase Two: Set Your Price
One of the biggest problems starting out is figuring out what to charge. People believe that they get what they pay for so don’t diminish what you have to offer in an attempt to make the sale. You’ve researched other businesses and you know what the going price is. Figure out what will set you apart – what will make what you offer distinctive and be sure to tell people what that difference is. Then charge what you are worth!

Phase Three: Redefine Who You Are
Since you’re moving at a quick pace to make $500 to $1,000 in the first month you’re in business, your psychology needs to get up to speed with your need to ask for the cash. You need to build your confidence. Become that person that’s not worried about money, who knows they can make money anytime, and who’s sure what they have to offer is of value. A good way to do this is to “fake it until you make it,” meaning, just do it and you’ll get better and better all the time!

Phase Four: Ask for the Cash
Talk to people. Tell them that you’re in business and what you have to offer. In fact, you’re probably already doing things that you could be making money doing. Ask for the cash! My advice to get started is to get ten “no” answers every day. When you make that first sale your confidence level greatly increases and there will be no stopping you!

Phase Five: Beyond $1,000 Per Month
Once you’ve achieved $500 to $1,000 per month you’ll see that making new money is easier than you ever thought possible. But your accomplishment is much bigger than you think it is. There’s more to it than a little independence. There’s a lot of empowerment. You’re learning while you’re earning. And now there’s the potential to turn that $1,000 into $10,000 per month, or more. Take it to the next level!

There’s much more detail in my book, but I hope these quick tips get you thinking. You don’t need to understand finance or economics. You don’t need an in depth business plan or startup capital. You don’t need to quit your job. You simply need to manage your time and energy into a money-making venture based 100% on the skills and knowledge you already have.
I believe you can do this because I did it. And it dramatically changed my life. I’m a Best-Selling Author, International Speaker, Money Coach and CEO and Founder of Live Out Loud, Inc. — a multi-million per year business and growing.